Conspiracy Theory - Hotforex Scammed me $14770.25 - Because I gave myself a margin call

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Ed_Forex

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Main inaccuracy in your reply.

1- Might be true but not necessary all bonuses are bad. hotforex bonus was working well until it changed the points in august 2014, like any scam broker hotforex change terms and conditions when winning clients % increase.

2- Who negotiated? It was there to trade, what happened is a once in lifetime catastrophe, does not make chf pairs unattractive.

Swiss franc fell about 25.000 pips: this is totally wrong in pip number and time. what graph were you looking at? of a scam broker that had usdchf 0.19!?!!
 

Ed_Forex

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If FSA Mauritius does half what FSA Denmark had done, hotforex would be in deep problem with its regulator, to provide price feed from its liquidity providers(if any!!), if hotforex will like to go fully scam by saying no liquidity before the exited time.

Respect to the Denmark and its regulatory body FSA Denmark, it succeeded were many other regulators failed.

Saxo Told to Hand Franc-Trade Details to FSA Amid Complaints - Bloomberg Business
 

Ed_Forex

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Hotforex scandal

All hotforex clients must start withdrawing their money now from the scammer hotforex before it scam them as it scammed me.

Forexpeacearmy readers and hotforex clients can see how scammer hotforex apply its policies.

After I revealed in previous posts how scammer hotforex fixes orders, changes prices of open and close as it wants, and how scammer hotforex system is full of errors, this time I reveal an email got from 3 weeks ago from scammer hotforex.

HotForex Execution 1/16/2015
To: X@hotmail.com
Cc: compliancemu@hotforex.com

Dear X,

Thank you for contacting us

From an execution perspective the account has been correctly executed as per all the terms and conditions and the case closed.

As such we have escalated your case to the compliance department who will be contacting you accordingly within 72 working hours.

Kind Regards,

Execution Department

execution@hotforex.com
www.hotforex.com


From 16/1/2015 the scammer hotforex execution department sent me the above message, unwilling to cooperate and closing the case from its side but the story didn't finish there.

Scammer hotforex said the compliance department will contact me within 72 working hours!!

Today is 3/2/2015, after 3 weeks not 72 hours, I had not received any email from scammer hotforex, neither execution nor compliance or any other department.

This proves to all clients how scammer hotforex cheats its clients and don't reply to complaints.

This proof itself condemns hotforex, add to it from time of this thread open hotforex hadn't reply to it despite my many emails sent with direct link to this thread.

As much as hotforex ignore this thread as much as it's condemning itself more and more, blacking its left parts of reputation in front of the whole crowd.
 

Ed_Forex

Private, 1st Class
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240
Hotforex scandal in breaching the contract

Another breach of contract by scammer hotforex, this time in giving bonuses more than what hotforex bonus terms and conditions say:

11. The maximum amount that can be awarded in this bonus promotion is 30,000 USD (or any other currency equivalent) per trading account. If a Client has multiple trading accounts, then the sum of the bonus awarded for ALL of the Client's trading accounts cannot exceed 100,000 USD (or any other currency equivalent).

In this scam case thread, my account 269022 was subject to more than double the maximum amount of $30000 per account.

I have all the proofs for that and I challenge scammer hotforex to come and explain how it breached the contract by giving the client more than the maximum bonus, that encourages reckless trading and increases risk.

Moreover, let scammer hotforex come and explain how when floating loss exceed the bonus amount all open positions don't get closed since client had already used more than the bonus amount given for account, not to forget too how any account can run in negative margin????? without all open get closed by broker automatically.

All these questions and more hotforex failed to answer. hotforex afraid to come to this thread and reply because it already knows that it's condemned in front of the whole forex industry for manipulating market orders and breaching its contract by not respecting its written policies.
 

Venelin_HotForex

HotForex Representative
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17
Dear Ed Forex,

As you are well aware, please note that your complaint has been fully investigated and replied to in numerous occasions. In fact we have sent you 2 responses from our execution department but for some reason you fail to understand basic logic.

For the sake of transparency we paste here the first part of your complaint:

My account xxxxxx have been completely stopped out and all the following orders closed: xxxxxxxxx, xxxxxxxxx, xxxxxxxxx on eurchf pair.

Hotforex bonus terms and conditions says that the client(me) can't lose more than the bonus amount($xx,xxx), when equity reaches this bonus amount all orders must be closed. But this was not the case and result of my account.


We are unsure as to how you have established the above statement. Your claim that you can only lose the bonus amount is not a realistic one and it is illogical. We paste below the real terms for your perusal.

If volume requirements are not met and the equity of the account goes below the bonus
amount then the bonus is removed automatically by the system. In other words, if the
Cash Equity (Equity - Credit Bonus) becomes zero or less, all previously awarded Credit
Bonuses will be cancelled and withdrawn from the respective Client’s account. In these
circumstances the Company shall not be liable for any consequences of the bonus
cancelation, including, but not limited to, order(s) closure by Stop Out.


Now moving on to the second part of your complaint as pasted below:

My orders were left opened by hotforex until the loss reached much more than the total equity even!

Yes this is correct. But the reason your sizable Long EURCHF open trades were left open was because of the unprecedented move by the Swiss National Bank, which resulted in a huge drop in the price of EURCHF. At that time there was no liquidity in the market therefore we were unable to close your open trades in EURCHF.

What’s important here, is that once the dust settled we covered all the negative balance in your account and brought it back to zero.

Having a sizable long position in EURCHF during the 'black swan' events surrounding the CHF move and then claiming that you should still have a balance of $xx,xxx is ludicrous and defies basic logic.

We will therefore stop any further communication with you regarding this matter as we consider this case as closed.

HotForex is a socially responsible business serving thousands of clients worldwide within the Financial sector and employing a large workforce and as such we have policies and regulations that govern our company actions. We have done nothing wrong and thus we are not bound to, nor tolerate any threats and/or comments by yourself, sent to regulators, third parties or posted in forums such as FPA as a means to extort any funds from the Company.

We will therefore take any measure possible to defend ourselves from such malicious behavior.

Kind Regards,

Venelin Videnov
Official HotForex Representative
venelin@hotforex.com
 

Ed_Forex

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First of all,

I charge hotforex in front of the crowd for offending me by saying : you fail to understand basic logic.

So, you mean am stupid?? This is a clear offense by the scammer hotforex

Your barbarian way of talking to people is a big shame in your scammer hotforex company reputation.
 

Ed_Forex

Private, 1st Class
Messages
240
Yes, hotforex account managers informed me many times that can't loose my bonus amount, it's a protection in place of stop out, when losses reach it orders get closed.

And this is what the logic says: in your logic!! book, how can an account run on negative margin??? when that happens it means that the client used all account margin including the bonus one.

The 2 responses by execution department means nothing because your compliance department has the main role to finalize clients internal complaints.

From 16/1/2015 your execution department sent me the last email saying that hotforex compliance department will reply in 72 working hours, when must had been that date!?!!

hotforex neglected on my past emails inviting it to this thread until just today from some minutes actually you sent me an email regarding my case, consisting on nothing more than manipulation of words and not applying your policies clauses accurately, instead choosing the part you like from it.
 
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